Yesterday, the ChiNext board closed up 3.41%, while the Shanghai Composite rose only 0.07%. With the U.S. stock market closed for Labor Day, this morning Hong Kong index futures opened about 0.54% lower than yesterday’s close. Is this the next round of “horse-trading for computing power,” or should we first read the face that Hong Kong futures are showing?
For the comparison table, see the cover. As of 9:18 on Sept 8, 2026. The A-share call auction just started. On Tencent’s quotes, turnover volume is still 0; the Shanghai Composite is only 0.02 points lower than yesterday’s close, hovering at 3932.68. The Shenzhen Component and ChiNext Index have not yet moved out of an effective call-auction window. Stock index futures will not open until 9:30. Overseas data comes from Sina Futures and Yahoo daily lines.
【They tore the style apart yesterday】
On Sept 7, all three major indexes finished green, but the money didn’t give the Shanghai Composite face. The Shanghai Composite closed at 3932.70, up 0.07%. The Shenzhen Component Index closed at 13774.91, up 1.91%. The ChiNext Index closed at 3398.68, up 3.41%. The STAR 50 closed at 1615.53, up 2.42%. The CSI 300 closed at 4575.02, up 0.59%. Transferred from The Paper to Wind: total turnover across both exchanges was 1.946 trillion yuan, down 84.7 billion yuan from the previous day’s 2.0307 trillion yuan. Sina’s market wrap said 95 stocks hit limit-up, 2 hit limit-down; 3167 stocks advanced, 2196 declined.
Leaders were optical modules, PCB, and semiconductors. Laggards were banks, insurance, and coal. The Shanghai Composite basically moved sideways, while the ChiNext board pulled away by 3 percentage points in a single day—this is the ledger you need to carry into this morning before the open.
【Overseas markets first gave a cold face】
In the U.S. cash market on Sept 7, with Labor Day observed, there was no new closing session. The last cash closing on Yahoo was stopped at Sept 4. S&P 500 closed at 7718.60. Nasdaq closed at 26506.99. Dow Jones closed at 53414.25. As of the time of this report, overnight S&P futures quoted 7704.75, about 0.22% lower versus the Sept 4 futures close of 7722. Nasdaq-100 futures stood at about 29615.50, actually higher by roughly 0.17%. The broad-market futures are soft, but tech futures are still green.
Hong Kong shares were already soft yesterday. The Hang Seng Index closed at 25413.12 on Sept 7, down about 0.93% from 25650.87 on Sept 4. At 9:18 this morning, Hang Seng futures on Sina quoted 25198.52, down about 0.54% versus yesterday’s close of 25336. FTSE China A50 futures quoted 14686.88, up about 0.12% versus yesterday’s close of 14669. A50 is barely red; Hong Kong futures are green first—don’t read these two lines as one sentence.
WTI crude oil quoted 92.57, up about 1.2% versus yesterday’s close of 91.48. Brent quoted 97.22, up slightly versus 97.00 yesterday. COMEX gold quoted 4476.89, almost in line with yesterday’s close of 4476.60. Sina’s USD/CNY was 6.7001; the timestamp stopped at 2:52 a.m. It’s used only for reference and not as an intraday FX rate.
【The 300 billion yuan wasn’t enough to hold back banks yesterday】
On Sept 7, the Information Office of the Ministry of Finance issued a release saying that in the near term, it will issue 300 billion yuan of special government bonds, to replenish core tier-1 capital for eight central financial enterprises. The list includes ICBC and ABC, as well as the Export-Import Bank of China and several insurance and reinsurance companies. Later, The Shanghai Securities News summed up the eight entities’ capital-increase plans to 360 billion yuan. The extra portion came from China Tobacco and its subsidiaries. The news had already spread over the weekend into Monday. Yesterday, banks and insurance were still falling. The injection is a story about mid-term capital, but the money went into computing-power hardware yesterday.
【Match up the pre-open】
The call-auction window runs until 9:25 for cleaner pricing. It’s still early to talk about the opening direction. The cleaner comparison is three points.
First, can the ChiNext board hold 3398? It closed here yesterday as well—the step you’re standing on for this jump. If it gets dropped at the open, it suggests that overnight Hong Kong index futures have already compressed the elasticity.
Second, will banks and insurance reprice the 300 billion yuan again? They have already fallen once yesterday. If they keep getting sold off today, it means the market continues to read the capital injection as dilution rather than leverage.
Third, crude oil is still above 92. Coal and petrochemicals have already stepped aside. If oil pushes higher again, cycle stocks and inflation expectations will start to chatter together.
The next big nail still comes on Sept 11: the U.S. CPI. There are also FOMC meetings on Sept 15–16. After Labor Day, U.S. cash markets won’t reopen until later tonight. A-shares should first finish their own morning.
At the open, will you chase yesterday’s optical module/semiconductor rally, or wait for banks and insurance to run through the capital-injection story again? If the ChiNext board opens and immediately gives up 3398, do you think overnight Hong Kong futures compressed the elasticity, or do you treat it as a pullback and buy?
#A股 #盘前 #ChiNext
Captain Dragonfly | A finance blogger who likes analyzing data and candlestick charts.
Not investment advice. Water levels are only for reference; position sizing is up to you. Before the call auction is complete, don’t treat index gains and losses as the conclusion for the open.
For the comparison table, see the cover. As of 9:18 on Sept 8, 2026. The A-share call auction just started. On Tencent’s quotes, turnover volume is still 0; the Shanghai Composite is only 0.02 points lower than yesterday’s close, hovering at 3932.68. The Shenzhen Component and ChiNext Index have not yet moved out of an effective call-auction window. Stock index futures will not open until 9:30. Overseas data comes from Sina Futures and Yahoo daily lines.
【They tore the style apart yesterday】
On Sept 7, all three major indexes finished green, but the money didn’t give the Shanghai Composite face. The Shanghai Composite closed at 3932.70, up 0.07%. The Shenzhen Component Index closed at 13774.91, up 1.91%. The ChiNext Index closed at 3398.68, up 3.41%. The STAR 50 closed at 1615.53, up 2.42%. The CSI 300 closed at 4575.02, up 0.59%. Transferred from The Paper to Wind: total turnover across both exchanges was 1.946 trillion yuan, down 84.7 billion yuan from the previous day’s 2.0307 trillion yuan. Sina’s market wrap said 95 stocks hit limit-up, 2 hit limit-down; 3167 stocks advanced, 2196 declined.
Leaders were optical modules, PCB, and semiconductors. Laggards were banks, insurance, and coal. The Shanghai Composite basically moved sideways, while the ChiNext board pulled away by 3 percentage points in a single day—this is the ledger you need to carry into this morning before the open.
【Overseas markets first gave a cold face】
In the U.S. cash market on Sept 7, with Labor Day observed, there was no new closing session. The last cash closing on Yahoo was stopped at Sept 4. S&P 500 closed at 7718.60. Nasdaq closed at 26506.99. Dow Jones closed at 53414.25. As of the time of this report, overnight S&P futures quoted 7704.75, about 0.22% lower versus the Sept 4 futures close of 7722. Nasdaq-100 futures stood at about 29615.50, actually higher by roughly 0.17%. The broad-market futures are soft, but tech futures are still green.
Hong Kong shares were already soft yesterday. The Hang Seng Index closed at 25413.12 on Sept 7, down about 0.93% from 25650.87 on Sept 4. At 9:18 this morning, Hang Seng futures on Sina quoted 25198.52, down about 0.54% versus yesterday’s close of 25336. FTSE China A50 futures quoted 14686.88, up about 0.12% versus yesterday’s close of 14669. A50 is barely red; Hong Kong futures are green first—don’t read these two lines as one sentence.
WTI crude oil quoted 92.57, up about 1.2% versus yesterday’s close of 91.48. Brent quoted 97.22, up slightly versus 97.00 yesterday. COMEX gold quoted 4476.89, almost in line with yesterday’s close of 4476.60. Sina’s USD/CNY was 6.7001; the timestamp stopped at 2:52 a.m. It’s used only for reference and not as an intraday FX rate.
【The 300 billion yuan wasn’t enough to hold back banks yesterday】
On Sept 7, the Information Office of the Ministry of Finance issued a release saying that in the near term, it will issue 300 billion yuan of special government bonds, to replenish core tier-1 capital for eight central financial enterprises. The list includes ICBC and ABC, as well as the Export-Import Bank of China and several insurance and reinsurance companies. Later, The Shanghai Securities News summed up the eight entities’ capital-increase plans to 360 billion yuan. The extra portion came from China Tobacco and its subsidiaries. The news had already spread over the weekend into Monday. Yesterday, banks and insurance were still falling. The injection is a story about mid-term capital, but the money went into computing-power hardware yesterday.
【Match up the pre-open】
The call-auction window runs until 9:25 for cleaner pricing. It’s still early to talk about the opening direction. The cleaner comparison is three points.
First, can the ChiNext board hold 3398? It closed here yesterday as well—the step you’re standing on for this jump. If it gets dropped at the open, it suggests that overnight Hong Kong index futures have already compressed the elasticity.
Second, will banks and insurance reprice the 300 billion yuan again? They have already fallen once yesterday. If they keep getting sold off today, it means the market continues to read the capital injection as dilution rather than leverage.
Third, crude oil is still above 92. Coal and petrochemicals have already stepped aside. If oil pushes higher again, cycle stocks and inflation expectations will start to chatter together.
The next big nail still comes on Sept 11: the U.S. CPI. There are also FOMC meetings on Sept 15–16. After Labor Day, U.S. cash markets won’t reopen until later tonight. A-shares should first finish their own morning.
At the open, will you chase yesterday’s optical module/semiconductor rally, or wait for banks and insurance to run through the capital-injection story again? If the ChiNext board opens and immediately gives up 3398, do you think overnight Hong Kong futures compressed the elasticity, or do you treat it as a pullback and buy?
#A股 #盘前 #ChiNext
Captain Dragonfly | A finance blogger who likes analyzing data and candlestick charts.
Not investment advice. Water levels are only for reference; position sizing is up to you. Before the call auction is complete, don’t treat index gains and losses as the conclusion for the open.
